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HMY 20251209 Cash NPAT to exceed guidance again.pdf

Read Trim Capital Group's research report below on Harmoney Corp (ASX:HMY): Cash NPAT to exceed guidance, again.

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Source: Cash NPAT to exceed guidance, again

Harmoney has partially paid down and refinanced their corporate debt, which is expected to lower funding costs and benefit Cash NPAT. Our forecast revisions imply they will exceed FY26 Cash NPAT target. Our updated valuation is at $2.72.

Corporate debt refinancing: Harmoney has paid down $7.5m of its corporate debt and refinanced the remaining A$15.0m through a revolving corporate debt facility with one of Australia's leading “Big-4” banks. The new facility has a 3-year term, lower interest rate, and market-standard financial covenants with no equity or convertible component attached. 

Cash NPAT improvement: We expect that the refinancing will lower funding costs by ~A$1.1m annually. This adjustment has a material impact on our risk-adjusted income and Cash NPAT forecasts, now expecting A$12.9m for FY26. This means that HMY is poised to exceed its FY26 Cash NPAT target of A$12.0m. 

Valuation suggests 218% upside: Our primary valuation method is a general residual income model and produces a valuation of $2.72, up by +4.5% from the prior $2.60 due to our forecast revisions, particularly on lower funding costs due to the refinancing of corporate debt. Our diluted cash EPS changes are FY26: +5%, FY27: +7%, FY28: +6%.

TRIM CAPITAL: Cash NPAT to exceed guidance, again (ASX:HMY).- 9 December 2025